Japan police propose ATM curbs for elderly to combat fraud
The plan calls for a daily withdrawal or transfer limit of almost US$2,000 via ATMs for bank accounts belonging to those aged 75 and above
With more Japanese elderly falling victim to scams, the police are considering limiting the amount of money that this vulnerable group can withdraw or transfer from automatic teller machines (ATMs).
The National Police Agency is considering setting a daily withdrawal or transfer limit of 300,000 yen (US$1,997) via ATMs for bank accounts belonging to Japanese persons aged 75 and older, according to a report by The Mainichi. If approved, it would mark the first time in Japan that such restrictions on ATM usage are mandated.
The proposed move comes as police data shows almost half of the victims in Japan who lost money to fraud without meeting their scammers in person last year were elderly.
Total losses resulting from the so-called tokushu sagi, or special fraud, rose by almost 60 per cent to 72.1 billion yen (US$480 million) last year, with 45 per cent of the 20,951 individual victims aged 75 and above.
Some of the typical fraud methods involve scammers instructing victims to transfer money to designated accounts via ATMs or buy prepaid cards and disclose the relevant codes.